Scoring big on social: The shift in sports marketing – Brand Wagon News

Not only in stadiums, nowadays the roar of the crowd seems to be heard in digital mediums also, thanks to social media platforms. Gone are the days when television or print advertisements used to be the only way to address sports fans. The advent of social media seems to have changed the landscape of sports marketing.

 In simpler terms, sports marketing is a marketing strategy that is aimed to promote sporting events, gear, or services using athletes or a team. In this case, athletes turn out to be influencers, which impacts the decision-making of the public. As per a report published by Statista, total revenue in the sports market was projected to reach $ 8.28 million in 2022 and it was expected to grow at a compound annual growth rate (CAGR) of 14.18%, resulting in a projected market volume of $ 17.64 million by 2027. In this article, BrandWagon Online takes a look at how social media revolutionalised the landscape of sports marketing. 

Fan engagement…updated 

In the digital era, fans can interact with athletes directly through X(formerly Twitter), Facebook, Instagram, and other social media platforms. This new phenomenon seems to democratised the whole relationship between fans and sportspersons. Apart from that, it also makes fans feel closer to the action. Often brands organise virtual events with their brand ambassadors where they interact with live audiences, it builds a community of loyal fans, increasing brand positivity. 

Athletes turned influencers 

Atheletes promoting brands is nothing new, from Sachin Tendulkar promoting Adidas to Nike partnering with Mike Jordan, several examples can be cited from the past also. But the advent of social media has turned athletes into influencers who can shape trends, and build personal brands as well. As per the celebrity brand valuation report 2023 by Kroll, Indian cricketer Virat Kohli was India’s most valued celebrity with a brand value of $227.9 million. It was also mentioned in the report that, a total of six celebrities were present in the top 25 list of celebrities. Not to mention, Virat Kohli has already launched his brand named One8. This shift in endorsement dynamics seems to have created more revenue streams for athletes.  

Data-driven decisions increased 

Social media is believed to be a goldmine for data for sports marketing. Due to the interactive nature of the medium, marketing professionals can easily analyze fan behaviour, and design their marketing campaigns to gain the most out of it. It has helped in optimising ad spending and identifying target audiences for them. 

Road ahead

Other than offering its potential, social media presents a few challenges too. Nowadays, with a surge in trolls, and negative comments, staying relevant alongside managing an online reputation seems to have become very challenging. However, marketers need to face these challenges in order to capitalise on the huge opportunities which the medium presents.